追逐滴滴出行独角兽的中国人寿

 One year on from China’s stock market collapse¹, some casualties are still feeling the pain. Shares in Chinese insurer Ping An have halved² from their 2015 highs and trade just one-tenth above pre-rally levels. China Life languishes³ near 2008 lows. Much of the destruction has been due to an ill-timed increase in equity⁴ exposure that is unlikely to repeat itself — at least, not this year.

中国股市崩盘已过去一年了，一些受害者还在承受着痛楚。在中国保险公司中，中国平安(Ping An)的股价比2015年的高点下跌了一半，只比大涨前高十分之一；中国人寿(China Life)则在2008年的低位附近徘徊。造成这种惨跌的一部分原因是，它们在错误的时机扩大了在股市的敞口——它们不太可能再这么做了，至少今年不会。

The rise in China’s stock markets came just as the insurers won increased investment freedom. In early 2014, the insurance regulator (CIRC) lifted limits on equity investment from 20 to 30 per cent of assets, including private equity in the basket. As the market rallied, Ping An and China Life raised their equity holdings. After a stellar first half, the second-half market tumble dragged down 2015 results.

中国股市大涨之际，恰逢保险公司获得更大的投资自由度。2014年初，中国保监会将险资投资权益类资产的比例上限从20%提高到30%，并且允许进行私募股权投资。随着股市上涨，中国平安和中国人寿增持了股票。在经历了辉煌的上半年之后，下半年股市的暴跌拖累了它们2015年的业绩。

The effects have lingered. In the latest quarter, China Life’s net profits more than halved as investment income fell. Ping An fared slightly better, but Bernstein notes that net profit — which eked⁵ out a small gain — was flattered by a lower tax rate; pre-tax profit from insurance fell by around a quarter.

这种影响迟迟没有消散。在最新一个季度，由于投资收入下滑，中国人寿的净利润减少了一半以上。中国平安的情况略好，净利润小有增长。然而伯恩斯坦(Bernstein)指出，税率降低提高了中国平安的净利润，其来自保险业务的税前盈利下滑了大约四分之一。

Still, the selldown seems harsh. Away from the volatility⁶ in equities⁷, growth in underlying⁸ business has been strong. In 2015 industry-wide premium⁹ income grew one-fifth, faster than the prior year. In the first four months of 2016 premiums¹⁰ grew by two-fifths, says the CIRC. Over the weekend, the regulator reiterated¹¹ government support for the sector¹² as a supplement to China’s social security system. The second half looks good; last year’s wipeout in the equity markets is unlikely to be repeated this year.

不过它们被抛售得有点太猛了。不谈所持股票的波动，它们的基础业务增长强劲。2015年全行业保费收入增长五分之一，增幅高于前一年。中国保监会表示，2016年头四个月保费增长了五分之二。上周末该监管机构重申政府支持把该行业作为中国社保体系的补充。今年下半年看起来情况不错，去年在股市的惨败在今年也不太可能重现。

There may yet be new risks. On Monday, China Life said it will invest $600m in Didi-Chuxing, China’s ride-hailing service, split between equity and debt. Small beer, for a company with total assets nearing $400bn and equity of $50bn. And Didi offers diversification¹³ benefits — just as long as investing in this unicorn¹⁴ isn’t proof that the sector is chasing another value bubble.

或许又出现了新的风险。周一，中国人寿表示将向中国叫车服务滴滴出行(Didi-Chuxing)投资6亿美元，包括股权投资和债权投资。对于总资产近4000亿美元、净资产500亿美元的企业来说，这笔投资算不了什么。而且投资滴滴也带来了多元化的好处——只要对这只“独角兽”的投资不会成为险资追逐另一轮价值泡沫的证据。

1 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

2 halved   

v.把…分成两半( halve的过去式和过去分词 )；把…减半；对分；平摊

参考例句：

• The shares have halved in value . 股价已经跌了一半。
• Overall operating profits halved to $24 million. 总的营业利润减少了一半，降至2，400 万元。 来自《简明英汉词典》

3 languishes   

长期受苦( languish的第三人称单数 )； 受折磨； 变得（越来越）衰弱； 因渴望而变得憔悴或闷闷不乐

参考例句：

• I cant tell why this heart languishes in silence. 我不知道，为什麽这颗心在寂静中憔悴。
• For the purpose of this device is qiangxinli ve now languishes. 为了这个设备我现在已经是心力憔悴了。

4 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

5 eked   

v.（靠节省用量）使…的供应持久( eke的过去式和过去分词 )；节约使用；竭力维持生计；勉强度日

参考例句：

• She eked out the stew to make another meal. 她省出一些钝菜再做一顿饭。 来自《简明英汉词典》
• She eked out her small income by washing clothes for other people. 她替人洗衣以贴补微薄的收入。 来自辞典例句

6 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

7 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

8 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

9 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

10 premiums   

n.费用( premium的名词复数 )；保险费；额外费用；（商品定价、贷款利息等以外的）加价

参考例句：

• He paid premiums on his life insurance last year. 他去年付了人寿保险费。 来自《现代英汉综合大词典》
• Moves are afoot to increase car insurance premiums. 现正在酝酿提高汽车的保险费。 来自《简明英汉词典》

11 reiterated   

反复地说，重申( reiterate的过去式和过去分词 )

参考例句：

• "Well, I want to know about it,'she reiterated. “嗯，我一定要知道你的休假日期，"她重复说。 来自英汉文学 - 嘉莉妹妹
• Some twenty-two years later President Polk reiterated and elaborated upon these principles. 大约二十二年之后，波尔克总统重申这些原则并且刻意阐释一番。

12 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

13 diversification   

n.变化，多样化；多种经营

参考例句：

• The seminar was to discuss diversification of agriculture. 该研讨会讨论的是农业多种经营。 来自辞典例句
• Firm diversification is increasingly achieved by the means of takeover and merger. 通过接管和兼并，厂商经营范围日益多样化。 来自辞典例句

14 unicorn   

n.(传说中的)独角兽

参考例句：

• The unicorn is an imaginary beast.独角兽是幻想出来的动物。
• I believe unicorn was once living in the world.我相信独角兽曾经生活在这个世界。